Egyptian President Abdel Fattah el-Sisi participated in a roundtable discussion with major South Korean companies and business community representatives on Wednesday in Seoul, as part of his state visit to the Republic of Korea. According to the Presidential Spokesperson, 23 of South Korea's largest companies took part in the meeting.
During his address, President Sisi praised the robust economic and investment partnership between Egypt and South Korea, expressing his desire to further enhance cooperation to achieve more ambitious goals. He highlighted Egypt's strong political will to strengthen ties with South Korea, particularly in areas such as economy, investment, manufacturing, and technology.
President Sisi emphasized his appreciation for the significant role South Korean companies play as reliable partners in supporting Egypt's comprehensive development efforts. He noted that Egypt has undertaken substantial economic reforms in recent years to improve the investment climate and business environment, including liberalizing the exchange rate and updating legislative and regulatory frameworks for investment.
The President discussed the comprehensive package of investment incentives and facilities provided by Egypt, including streamlined procedures through a one-stop shop, competitively priced industrial land with modern infrastructure, and full guarantees for investment protection and profit repatriation. He also highlighted Egypt's commitment to providing competitive financing to support partnerships and addressing obstacles faced by investors.
President Sisi expressed Egypt's interest in enhancing cooperation with South Korea on several strategic priority projects, including the establishment of an integrated Korean industrial zone within the Suez Canal Economic Zone. He invited South Korean companies to expand their investments in Egypt, particularly in areas such as petroleum, gas, mining, and new and renewable energy projects.
The roundtable discussion was followed by an interactive session with the South Korean business community, where participants discussed opportunities for strategic and sustainable partnerships between Egypt and South Korea. They praised the measures taken by Egypt to facilitate commercial and investment partnerships and improve the business climate.
President Sisi reiterated Egypt's commitment to providing all necessary facilities for investors, particularly South Korean investors, and invited them to take advantage of the incentives offered by Egypt. He described investing in Egypt as a valuable opportunity due to the country's stability and strategic location.
Key points
- President Sisi seeks to enhance economic cooperation with South Korea
- Egypt offers comprehensive incentives for South Korean investors
- President Sisi invites South Korean companies to expand investments in Egypt
